What do you think about with current News and Opinions?

emtb2rn, BSN, RN, EMT-B · Jul 30, 2021

14 hours ago, Curious1997 said:

80% of stock owners are white and college grads. 95% of the money is owned by about. 1%.

Do some of your own research if you are interested and you will learn more!

So I dug into the those claims a bit & can’t find hard data. There is a piece in us news:

”When measuring the value of stock holdings, wealthier Americans have more money invested in the market. Families in the top 10% of incomes held 70% of the value of all stocks in 2019, with a median portfolio of $432,000. The bottom 60% of earners held only 7% of stocks by value. The median middle-class household owned $15,000 worth of stock.

Stock ownership is highly affected by race and ethnicity, which also are highly correlated to income and wealth. Some 61% of white, non-Hispanic families owned stocks in 2019, only 34% of Blacks and 24% of Hispanics did. Measured by value, 24% of white, non-Hispanic family assets were in stocks, compared to 13% for Blacks and 10% for Hispanics.“

https://www.usnews.com/news/national-news/articles/2021-03-15/who-owns-stocks-in-america-mostly-its-the-wealthy-and-white

The implication is that, generally speaking, if you are wealthy, you have a degree. And it appears the 1% owns more like 88% of equities.

https://financialpost.com/investing/how-americas-1-came-to-dominate-stock-ownership

guest1163268 · Jul 30, 2021

2 hours ago, emtb2rn said:

So I dug into the those claims a bit & can’t find hard data. There is a piece in us news:

”When measuring the value of stock holdings, wealthier Americans have more money invested in the market. Families in the top 10% of incomes held 70% of the value of all stocks in 2019, with a median portfolio of $432,000. The bottom 60% of earners held only 7% of stocks by value. The median middle-class household owned $15,000 worth of stock.

Stock ownership is highly affected by race and ethnicity, which also are highly correlated to income and wealth. Some 61% of white, non-Hispanic families owned stocks in 2019, only 34% of Blacks and 24% of Hispanics did. Measured by value, 24% of white, non-Hispanic family assets were in stocks, compared to 13% for Blacks and 10% for Hispanics.“

https://www.usnews.com/news/national-news/articles/2021-03-15/who-owns-stocks-in-america-mostly-its-the-wealthy-and-white

The implication is that, generally speaking, if you are wealthy, you have a degree. And it appears the 1% owns more like 88% of equities.

https://financialpost.com/investing/how-americas-1-came-to-dominate-stock-ownership

About time someone started to do their own research. I hope you checked out the other stats and my claims.

Now unpack the information re they have the money and taxes are due so how can they minimize those taxes? I left several ways. You only pay on capital gains, but you can borrow against assets, so the rest should be easy to figure out!

Not only do they not pay taxes, but their money is increasing in huge chunks with little risk whatsoever.

chare · Jul 30, 2021

4 hours ago, Curious1997 said:

About time someone started to do their own research. I hope you checked out the other stats and my claims.

[...]

I did, as well. At least regarding the wealthy paying no tax and CEO pay increasing 1200% in the last 15 years. What I found, regarding both claims, did not reflect what you posted. This is why, if the claim seems somewhat difficult to believe, I ask the poster for a source to better understand where they are coming from.

Tweety, BSN, RN · Jul 31, 2021

23 hours ago, chare said:

That's not how it works. You made the claim, you need to source it.

100%

Tweety, BSN, RN · Jul 31, 2021

To me what's important about taxes is percentages. The wealthy seem to pay a lower percent, but obviously it's a huge number because they are so rich.

I get so frustrated that the wealthy people have many ways to pay a lower percentage than me, as do people of lower incomes or people with children. Humph......

But yeah the claim that the wealthy pay no taxes whatsoever is a very easy one to debunk.

https://www.forbes.com/sites/sarahhansen/2021/06/08/richest-americans-including-bezos-musk-and-buffett-paid-federal-income-taxes-equaling-just-34-of-401-billion-in-new-wealth-bombshell-report-shows/?sh=53a116a87fe1

Tweety, BSN, RN · Jul 31, 2021

It's interesting that Fox News opinion writers are suddenly concerned about a President's lies

https://www.foxnews.com/opinion/joe-concha-18-wheeler-biden-lies-media-plagiarism

He says the media's silence is deafening. But is it really? I think Biden is fact checked frequently.

https://edition.cnn.com/2021/07/22/politics/fact-check-biden-cnn-town-hall-July/index.html

On a side note I was talking with someone yesterday that stated "the man with dementia" (Biden) "is responsible for the current covid surge because he lets all these infected illegal immigrants in". It ended right then, I know not to talk to such a person.

Home Health Columnist / Guide · Jul 31, 2021

ProRepublica 6/8/2021

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

Quote

...To capture the financial reality of the richest Americans, ProPublica undertook an analysis that has never been done before. We compared how much in taxes the 25 richest Americans paid each year to how much Forbes estimated their wealth grew in that same time period.

We’re going to call this their true tax rate.

The results are stark. According to Forbes, those 25 people saw their worth rise a collective $401 billion from 2014 to 2018. They paid a total of $13.6 billion in federal income taxes in those five years, the IRS data shows. That’s a staggering sum, but it amounts to a true tax rate of only 3.4%.

My tax rate was 15% in 2020. Stocks have soared in 2021 --most are in 403b or IRA few up 20% so expect higher tax rate this year as working again.

toomuchbaloney · Jul 31, 2021

41 minutes ago, NRSKarenRN said:

ProRepublica 6/8/2021

The Secret IRS Files: Trove of Never-Before-Seen Records Reveal How the Wealthiest Avoid Income Tax

My tax rate was 15% in 2020. Stocks have soared in 2021 --most are in 403b or IRA few up 20% so expect higher tax rate this year as working again.

It's been argued convincingly that we live in a capitalist oligarchy...the wealthy have been dictating financial policy to benefit themselves (for decades but especially since Reagan). I think we are discovering that too many capitalists are more attached to the notion of wealth and power than they are to the notion of a democracy committed to "We the People".

guest1163268 · Jul 31, 2021

5 hours ago, chare said:

I did, as well. At least regarding the wealthy paying no tax and CEO pay increasing 1200% in the last 15 years. What I found, regarding both claims, did not reflect what you posted. This is why, if the claim seems somewhat difficult to believe, I ask the poster for a source to better understand where they are coming from.

It was relative to what worker pay increased compared to CEOs and it was an international comparison and took into account the last two years which was covid. Remember, you don't just get a salary increase, you also get stock options and numerous other perks like company houses, cars,' business flights' which could be for anything. Two weeks in Bora Bora but labeled business because colleagues are also there, golf memberships to prestigious clubs, limousines, dinners at swanky places, two or three assistants, Secretaries, etc and that's just the legal views! Every house you own has a designated office. Tax deductibles.

I got that info from a MSNBC discussion re facebook, Virgin and Amazon stock prices. They veered off into salaries.

It's very important to think about the information you receive. A patient comes in with an elevated temp. First thing you think about is infection. All the labs, diagnostics etc etc. Until you realize he's psych and suffering from NMS.

What you see re CEOs and other corporate reimbursements, are like an iceberg. You can easily add another 30% hidden somewhere else or that CEO is not worth the money he's been paid.

He finishes one job with the renumeration package and bonuses etc. Now he's a consultant for his contacts and how many boards is he now on? It never ends with them!

https://www.Google.com/amp/s/www.cnbc.com/amp/2019/08/16/ceos-see-pay-grow-1000percent-and-now-make-278-times-the-average-worker.html

guest1163268 · Jul 31, 2021

2 hours ago, Tweety said:

To me what's important about taxes is percentages. The wealthy seem to pay a lower percent, but obviously it's a huge number because they are so rich.

I get so frustrated that the wealthy people have many ways to pay a lower percentage than me, as do people of lower incomes or people with children. Humph......

But yeah the claim that the wealthy pay no taxes whatsoever is a very easy one to debunk.

https://www.forbes.com/sites/sarahhansen/2021/06/08/richest-americans-including-bezos-musk-and-buffett-paid-federal-income-taxes-equaling-just-34-of-401-billion-in-new-wealth-bombshell-report-shows/?sh=53a116a87fe1

I find it amazing that you folks are defending these people! Maybe I am beginning to understand the Trump's appeal?

3.4% 0f 400 billion dollars!

Tweety, BSN, RN · Jul 31, 2021

12 minutes ago, Curious1997 said:

I find it amazing that you folks are defending these people! Maybe I am beginning to understand the Trump's appeal?

3.4% 0f 400 billion dollars!

I'm not defending anyone, I'm debunking your lie that they don't pay taxes and am telling the truth as did Karen. If you do the math, 3.4% of 400 billion dollars is not zero as you claim.

My 2nd paragraph begins with "I'm very frustrated with".....and that in no way implies approval and wth does it have to do with Trump?

I certainly believe that the wealthy should pay more in taxes, one of the reasons I support Biden. But in arguing my point I'm not going to resort to making stuff up or not posting a source.

Just sayin'

guest1163268 · Jul 31, 2021

44 minutes ago, Tweety said:

I'm not defending anyone, I'm debunking your lie that they don't pay taxes and am telling the truth as did Karen. If you do the math, 3.4% of 400 billion dollars is not zero as you claim.

My 2nd paragraph begins with "I'm very frustrated with".....and that in no way implies approval and wth does it have to do with Trump?

I certainly believe that the wealthy should pay more in taxes, one of the reasons I support Biden. But in arguing my point I'm not going to resort to making stuff up or not posting a source.

Just sayin'

Even if I Generalized which I didn't, because if you use your common sense, 3.4% on a 60k salary is still over 2k which in buying power re mortgage, local taxes, insurance, food, education etc etc is a lot of money to that person who normally foots an average of 25% at a minimum say 15k. Now 3.4% to a billionaire using your common sense again and what's relative, $20 million is NOTHING compared to someone who has $1000 million dollars!

$1000 million at 15% guaranteed return is about $140 million dollars minus fees which is then reinvested so no capital gains minus the $20 million for taxes. In the mean time you can borrow at no interest on that billion.. That is tax free living! In fact we have to actually pay them for living like that. And using your common sense, do you really think that the tax attorneys and accountants and investment portfolios etc etc that these people can afford, actually pay taxes?

Unless you are as blatant as Leona Helmsley?, you never get caught!

How much taxes did Trump pay in the last ten years? Just by offsetting losses or pretending that they were losses? Did Deutsche not throw money at him?

Maybe you do, but if you had any idea how the really rich live, and I only know the moderately wealthy, you would lose your mind! $10,000 a DAY spending is how the moderately rich live. And these are people who work HARD for their money.

IMAGINE, how the really wealthy live! Chateau in France, Villa in Italy, Super yachts in Monaco, Lambos and Ferraris, Bugattis and Bentleys!